"Because applicants will be required to provide more information upfront, the agency won't have to go back to them several times to ask for more information ... The rule also expands the definition of 'qualified independent fiduciary' and 'qualified independent appraiser' ... The new definitions will impose more requirements and restrictions on both parties[.]"  MORE >>

"The FAQs provide guidance based on ERISA's provisions on emergency savings accounts as well as fundamental ERISA rules."  MORE >>

"Preliminary research from the Employee Benefit Research Institute [EBRI] says that the SECURE 2.0 Act of 2022 will bring modest benefits for those approaching retirement but will have a larger impact on younger workers. The report also found that the automatic enrollment and saver's match provisions will have the largest positive effect on retirement security nationally."  MORE >>

"One group saw a chart that listed how much a hypothetical worker could expect in his monthly Social Security check, ranging from $1,339 at age 62 to $2,395 at 70. A second group's chart totalled up the lifetime benefits. The retiree who signed up for the $1,339 check at 62 would accumulate a total of $353,500 in benefits if he lived to 85. But if he waited until 70, the $2,395 benefits paid every month would add up to $402,360. The people who saw the larger lifetime totals said they would claim their benefits much earlier."  MORE >>

"Years after the Pennsylvania Public Employees' Retirement System discovered that Aon had made costly performance reporting errors, the consultant has settled charges related to the incident with the [SEC].... Although the mistake was small -- the original calculation, 6.38 percent for the nine-year period ending June 30, 2020, was revised up to 6.34 percent -- it pushed ... the returns under PSERS's 6.36 percent benchmark, forcing the fund to ask its beneficiaries to contribute more to their pension funds."  MORE >>

"ARA recommends that IRS issue guidance related to qualified student loan payments (QSLPs) [including]: [1] Permit a plan to set a deadline for claims that is earlier than three months after the end of the plan year  ... [2] Confirm that certain operational practices will not cause a plan to have a different rate of match for QSLPs than for elective deferrals. [3] Clarify how nondiscrimination testing must be conducted[.]"  MORE >>

"If a government employer wants to change a public sector retirement program and give current employees a choice to stay in the current plan or pick a new retirement plan with a different employee contribution amount, the [IRS] will prohibit that option from being offered.... The IRS has, in effect, taken the position that the 401(k) provisions ... should ... be interpreted to prohibit employers from ever offering employees the chance to pick a new plan if it involves any change in the contribution rates under a governmental 414(h) pickup arrangement."  MORE >>

"This Bulletin highlights the differences in worker classification between the [IRS] rules that are applicable to employee benefit plans and the DOL Final Rule guidance that is applicable to FLSA determinations. Employers will need to determine how best to coordinate these agency guidelines when determining whether an individual should be treated as an employee and for what purpose."  MORE >>

"Determining that a business is a single controlled group can have profound implications for purposes of retirement plans and health and welfare plans and related purposes ... [T]he IRS and DOL rules relating to controlled group determinations were last issued approximately thirty years ago.... [and] leave open questions when it comes to modern-day corporate forms.... This column provides an overview of the controlled group rules and certain considerations that taxpayers may want to have in mind when applying these rules to their modern-day corporate structures, including with respect to the ACA."  MORE >>

"From 2019 to now, the number of companies that have established minimum standards has increased from 36% to 70%.... Being market competitive remains the priority for the majority (67%). Equally, companies increasingly are focused on wellbeing (61%) and, equitable and inclusive benefits (56%).... [B]enefits costs and risks are a priority for both at the HQ and local operations. However, companies appear to acknowledge that this is best done by aligning total rewards costs with what employees value and getting rid of under-utilized or under-valued benefits (46%)."  MORE >>